15 slides from Safehold Inc. New's earnings presentation, Oct 22, 2020
Slide 1: Q3 '20 Earnings Results
Q3 ’20 EARNINGS RESULTS
Slide 2: Forward-Looking Statements and Other Matters
Forward-Looking Statements and Other Matters This release may contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements can be identified by the use of words such as “illustrative”, “representative”, “
Slide 3: Q3 '20 Highlights
Q3 ‘20 Highlights Strong Safety During Building Results Turbulent Times Momentum 81% 100% $105m Revenue Growth Ground Rent New Investments(1) (YTD Year-over-Year) Received 42% 64% >$200m EPS Growth Total Shareholder Signed LOIs(2) (YTD Year-over-Year) Return YTD (As of October 21, 2020) (1) Includes
Slide 4: Earnings Results
Earnings Results Quarterly YTD Results Results Y/Y Y/Y Q3 ‘20 Q3 ‘19 Growth YTD ‘20 YTD ‘19 Growth Revenue $38.0m $22.3m +70% $115.5m $63.8m +81% Net Income $14.2m $5.5m +159% $44.2m $22.6m +96% (Gross of NCI) EPS $0.28 $0.15 +84% $0.88 $0.62 +42% (Diluted) 4
Slide 5: Investment Activity
Investment Activity $105m New Investments $34m $71m Closed in Q3 ’20 Closed Subsequent to the End of the Quarter W.A. W.A. W.A. Effective Yield GLTV Rent Coverage 5.2% 37% 3.5x Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quar
Slide 6: Portfolio Growth
Portfolio Growth (Aggregate Gross Book Value) $71m $2.9b Closed Subsequent to the End of the Quarter 8x Growth Since IPO >$200m Signed LOIs(1) $1.5b $0.8b $0.5b ~$700m Purchasing Power $0.3b (As of 10/21/20) (2) IPO… Q3 '17 Q3 '18 Q3 '19 Q3 '20 Note: Please see the “Important Note re COVID-19” in th
Slide 7: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value: $2,845m) Seattle Portland Northeast Minneapolis 45% West Milwaukee 23% New Haven Central New York San Francisco Detroit San Jose Salt Lake City 3% Philadelphia Washington, D.C. Colorado Mid Atlantic Los Angeles Nashville 13% Phoenix Southwest
Slide 8: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $2,845m) Credit Metrics (1) Property Type Lease Term Office >60 yrs 61% 89% W.A. Rent W.A. GLTV Coverage(2) Lease Term Property Type Remaining 3.7x 39% w/ Ext. <20 yrs Multifamily (W.A. 88 Years) 8% 19% 20-60 yrs 3% Other Hotel 1% 19% Total Annu
Slide 9: Capital Structure
Capital Structure $3.3b $1.2b $1.7b Equity Book Equity Total Debt(2) Market Cap $239m cash and revolver availability ~150 bps accretive spread (as of October 21, 2020) – 5.5% w.a. yield of portfolio – 4.0% w.a. Effective Interest Rate ~$700m purchasing power (assuming 2x leverage) 3.1% w.a. Cash Int
Slide 10: Unrealized Capital Appreciation
Unrealized Capital Appreciation $5.1b 12x UCA Growth Since IPO(1) $2.8b $1.6b $1.0b $0.4b IPO (6/22/2017) Q3 '17 Q3 '18 Q3 '19 Q3 '20 Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. Refer to the Glossary in the Appendix
Slide 11: Appendix
APPENDIX ys Safehold
Slide 12: Income Statements
Appendix Income Statements For the three months ended Sept 30, For the nine months ended Sept 30, 2020 2019 2020 2019 Revenues: Operating lease income $17,195 $17,132 $55,088 $54,844 Interest income from sales-type leases 20,583 4,032 59,315 6,834 Other income 222 1,146 1,115 2,132 Total revenues $3
Slide 13: Balance Sheets
Appendix Balance Sheets September 30, 2020 December 31, 2019 Assets: Real estate: Real estate, at cost $707,537 $687,902 Less: accumulated depreciation (20,807) (16,286) Real estate, net $686,730 $671,616 Real estate-related intangibles assets, net 239,172 242,837 Total real estate, net and real est
Slide 14: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 9/30/17 9/30/18 9/30/19 9/30/20 Net investment in Sales-Type Leases - - - $465 $1,089 Ground Lease receivables, net - - - $73 $480 Pro-rata interest in Sales-Type Leases held as equity method investments - - - - $344 Real estate, net (Operating Leases)
Slide 15: Glossary
Appendix Glossary Represents Cost Basis plus unfunded commitments. For unfunded commitments, it represents the aggregate future amount to be paid under the Aggregate Cost Basis commitments. Represents the Current Portfolio plus unfunded commitments. For unfunded commitments, it represents the aggreg